New scheme to tackle black money menace- Income declaration scheme

  • What is the scheme – Income declaration scheme
  • How –
  • Who is eligible –
  • Who is not eligible
  • Issue

What is the scheme – Income declaration scheme

  • A limited-period Compliance Window to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions
  • The scheme provides immunity from wealth tax, scrutiny and prosecution and from the Benami Transaction Act
  • The scheme will be kept open for four months from June 1.

How –

  • by paying tax at 30 per cent,
  • Krishi Kalyan surcharge at 7.5 per cent and
  • penalty at 7.5 per cent
  • ie. a total of 45 per cent of the undisclosed income.

Who is eligible –

  • for domestic taxpayers
  • Undisclosed income of any financial year up to 2015-16 can be brought overground through this window.

Who is not eligible

  • People who have received notices under Sections 142 (1), 143 (2), 148, 153A or 153C of the Income Tax Act are not eligible to disclose previously concealed income.
  • Cases where a search or survey has been conducted and the time for issuance of notice under the relevant provisions of the Act has not expired
  • Cases where information is received under an agreement with foreign countries regarding such income
  • Cases covered under the Black Money Act, 2015
  • Persons notified under Special Court Act, 1992,
  • Cases covered under Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Unlawful Activities (Prevention) Act, 1967, and the Prevention of Corruption Act, 1988.

Issue

  • Experts believe this may prove a dampener for the scheme.This could be a dampener for the scheme as it would exclude potential disclosures from people who received notices seeking a regular explanation on the returns they had filed
  • Usually, many cases, especially of high net worth individuals, are picked up mechanically for scrutiny and notices are issued. Some notices are issued on the basis of returns filed by the taxpayer, and are not necessarily linked to undisclosed income.
Related Posts
ವಾಕ್ ಸ್ವಾತಂತ್ರ್ಯದ ಹಕ್ಕು ಸ್ವೇಚ್ಛಾನುಸಾರವಲ್ಲ, ಆದ್ದರಿಂದ ಮಾನಹಾನಿಗೆ ಸಂಬಂಧಿಸಿದ ಐಪಿಸಿಯ ದಂಡನಾರ್ಹ ಕಲಂಗಳಿಗೆ ಸಾಂವಿಧಾನಿಕ ಸಿಂಧುತ್ವ ಇದೆ ಎಂದು  ಸುಪ್ರೀಂಕೋರ್ಟ್ ಸ್ಪಷ್ಟಪಡಿಸಿದೆ. ಮಾನಹಾನಿಗೆ ಸಂಬಂಧಿಸಿದ ಭಾರತೀಯ ದಂಡ ಸಂಹಿತೆಯ (ಐಪಿಸಿ) ಕಲಂ 499 ಮತ್ತು 500 ಹಾಗೂ ಅಪರಾಧ ಪ್ರಕ್ರಿಯಾ ಸಂಹಿತೆಯ (ಸಿಪಿಸಿ) ...
READ MORE
ವಿದೇಶಿ ನೇರ ಹೂಡಿಕೆ (ಎಫ್‌ಡಿಐ) ನಿಯಮಗಳನ್ನು ಕೇಂದ್ರ ಸರ್ಕಾರ ಸಡಿಲಗೊಳಿಸಿದೆ. ರಿಯಲ್‌ ಎಸ್ಟೇಟ್‌, ರಕ್ಷಣೆ, ನಾಗರಿಕ ವಿಮಾನ ಯಾನ ಮತ್ತು ಸುದ್ದಿ ಪ್ರಸಾರ ಸೇರಿದಂತೆ 15 ಕ್ಷೇತ್ರಗಳನ್ನು ವಿದೇಶಿ ಹೂಡಿಕೆಗೆ ತೆರೆದಿರಿಸಿದೆ. ನಿರ್ಮಾಣ ರಂಗದಲ್ಲಿ ಹೂಡಿಕೆ ಮಾಡುವುದಕ್ಕೆ ಇರುವ ನಿರ್ಬಂಧಗಳನ್ನು ಸಡಿಲಿಸಲಾಗಿದೆ. ಯೋಜನೆ ಪೂರ್ಣಗೊಳ್ಳುವ ...
READ MORE
Indian Shipbuilding and Ship-repair Industry A Strategy for promoting 'Make in India' initiative The Union Cabinet  has approved the proposal for introducing measures to encourage shipbuilding and ship repair industry ...
READ MORE
Poly house farming
Polyhouse farming/ shelter farming is an alternative new technique in agriculture gaining foothold in rural India. In Karnataka Polyhouse farming a part of Krishi bhagya programme of GOK It reduces dependency on rainfall and ...
READ MORE
Rebooting ties with Iran- Modi’s visit to Iran
Rebooting ties with Iran Prime Minister Narendra Modi’s visit to Tehran on May 22-23 will be an important marker in New Delhi’s attempt to instill momentum in bilateral ties. India's interests in ...
READ MORE
ಸಂವಿಧಾನ ಶಿಲ್ಪಿ ಡಾ.ಬಿ.ಆರ್‌. ಅಂಬೇಡ್ಕರ್‌ ಅವರ 125ನೇ ಜಯಂತಿ ಅಂಗವಾಗಿ 2015–16ನೇ ಸಾಲಿನಲ್ಲಿ ಪರಿಶಿಷ್ಟರಿಗೆ ವಸತಿ ಒದಗಿಸಲು ಅಂಬೇಡ್ಕರ್‌ ನಿವಾಸ ಯೋಜನೆ ಜಾರಿಗೆ ಸಂಪುಟ ಒಪ್ಪಿಗೆ ಸೂಚಿಸಿದೆ. ‘ಪರಿಶಿಷ್ಟ ಜಾತಿ ಮತ್ತು ಪರಿಶಿಷ್ಟ ಪಂಗಡದ ಉಪಯೋಜನೆಯ ಅಡಿಯಲ್ಲೇ ಈ ಯೋಜನೆಗೆ ಅನುದಾನ ಹೊಂದಿಸಲಾಗುವುದು. ಗ್ರಾಮೀಣ ...
READ MORE
KAS Challengers 2016: About Karnataka Draft Film Policy
Karnataka Draft film policy Why in News: The committee, headed by Karnataka Chalanachitra Academy chairman S V  Rajendra Singh Babu, submitted its Kannada Film Policy report to Chief Minister Karnataka Film Chambers of ...
READ MORE
All you need to know about President rule
In News: "A day before confidence vote, President’s Rule imposed" President’s Rule was imposed on Uttarakhand , a day before the Harish Rawat government was to face a test of strength in ...
READ MORE
Image pearl farming
It is possible to get an image or design of your choice embossed on pearls while they are being formed in the oysters - "Image pearl farming” is all about such ...
READ MORE
TransFats : Trans fats, also called partially hydrogenated oils, are created when hydrogen is added to vegetable oil to make it more solid. They do help give a more solid texture ...
READ MORE
ಮಾನಹಾನಿಯ ಸ್ವರೂಪ ಆಗಲಿ ಪುನರ್‌ವಿಮರ್ಶೆ
ವಿದೇಶಿ ಹೂಡಿಕೆ ನಿಯಮ ಸಡಿಲ
Indian Shipbuilding and Ship-repair Industry
Poly house farming
Rebooting ties with Iran- Modi’s visit to Iran
ಅಂಬೇಡ್ಕರ್‌ ನಿವಾಸ ಯೋಜನೆ
KAS Challengers 2016: About Karnataka Draft Film Policy
All you need to know about President rule
Image pearl farming
Food And Health